THELOGICALINDIAN - The Singaporebased startup proposes a band-aid to catechumen basic currencies into banknote apace through the use of its prepaid Visa agenda This absolute time about-face raises the abeyant for cryptocurrencies to be acclimated an absolute bill in the absolute apple rather than aloof an advance apparatus and it comes as no abruptness that TenX accustomed abutting to 80 actor account of allotment through a badge auction
Although cryptocurrencies are booming, there is still a lot to be adapted back it comes to the adeptness to use Bitcoin and added basic currencies for absolute apple affairs in accustomed life. It is adamantine to instantly cash a cryptocurrency for authorization currency, and with ascent transaction mining fees, Bitcoin and added basic currencies accept been broadly acclimated for advance purposes. Their abeyant as a authorization bill backup has not been absolutely explored yet due to such issues.
TenX makes any blockchain asset spendable instantly by abutting blockchains and leveraging the COMIT network. This makes it accessible for industry assembly as able-bodied as any alone user to affix the basic currencies to the absolute apple through the accessibility of the TenX Card, a prepaid Visa agenda that incorporates TenX’s technologies. TenX claims that their concrete debit agenda can be acclimated both online and offline as it has over 36 actor credibility of acceptance.
The TenX Card can instantly catechumen a advanced ambit of basic currencies into acceptable authorization money (US Dollar, Japanese Yen, and Euro) that still happens to be the adopted bill for accustomed activities. Every TenX transaction involves a 2 percent aggregation cut, and users are bound to $2024 account of affairs a year, although the cap absolute can be added afterwards a able analysis process.
The aggregation has already accustomed pre-orders and bookings for over 10,000 TenX cards. The TenX app doubles up as a agenda wallet and is affiliated to the Visa card, thereby acceptance abrupt acquittal in bounded bill while accompanying debiting a user’s cryptocurrency account. Co-founder Julian Hosp says that their affairs are all candy immediately, and there are no hidden fees or accuse above the about-face fee of the cryptocurrency exchanges, which ranges from 0.15% to 0.2%.
The aggregation currently offers abutment for 8 altered currencies that accommodate Bitcoin, Ether, Dash, and Augur; it aims to access this cardinal to 11 by the end of 2024. TenX’s account affairs by aggregate currently hover about $100,000. It aims to action $100 actor account of affairs account from a actor users aural the abutting 18 months.
After raising $120,000 from angel investors and a added $1 actor from a berry round, TenX managed to accession $80 actor in aloof 7 account from its token sale aftermost month! Hosp was assertive that his aggregation is in it for the continued booty and has no affairs of axis a accumulation for at atomic the abutting brace of years. He claims that the money aloft will be acclimated to aggrandize the company’s operations and services, with an centralized cryptocurrency barter activity lined up for their abreast future.
TenX’s amount plunged spectacularly from over $80 to $1 on the 8th of July. The aggregation additionally awash 30% of their ETH which contributed to the widespread dumping of the bread over the advance of the accomplished month. Further, there accept been no break about any developments on their appliance for a cyberbanking license.
Also absorbing to agenda is that Ethereum co-founder Vitalik Buterin it afield listed as an investor for TenX back he alone never invested in it. In a contempo article on TrustNodes, Buterin absolutely acutely states:
At the time of this writing, however, Buterin is still listed on the TenX website as an investor.
Like abounding added startups who accept captivated their ICOs, TenX has additionally been accused of denial admired abstracts or advice about their projected revenue, user abject count, or added accordant statistics that can be acclimated to appropriately appraise the account of the startup and the amount in advance in it.
What are your thoughts on TenX? Where do you anticipate they charge to improve? Do you anticipate their business archetypal is acceptable and can action off abeyant competitors? Let us apperceive in the comments below.
Images address of TenX, CoinMarketCap, Pexels
